Washington and the leadership in some parts of the republican party, particularly the senate, and that is what is driving him. Want afterward senate and 9 00 p. M. Eastern on cspan2 possible tb. Now, to the house and Senate Conference meeting on tax reform. Committee members talked about the two tax reform bills passed separately out of each chamber. Good afternoon, everyone. I am deeply honored to tear this Conference Committee, the first Tax Reform Conference Committee and 31 years. And to be here with all of you as we move forward with this historic effort. Before i deliver my opening remarks, i want to take a moment to welcome everyone to discuss the format of todays meeting. I would also like to thank all of the members of congress trying us today from both sides of the capital, and both sides of the aisle. I also thank all of the members of the house and senate and our professional staff who have worked so hard on tax reform for the past several years, and in particular, the members of the ways and Means Committee and senator hatch in the finance committee. We will begin with todays meeting with the opportunity of each person to make a statement of up to three minutes. In order to respect everyones time, i will be in forcing this time limit. Once opening things are complete, we will turn to the chief of staff of the joint committee on taxation to provide a brief overview of the house and Senate Versions of the tax cuts and jobs act. After his presentation, conferees may ask questions in three minute increments. Finally, the chair will entertain unanimous consent statements, and other materials enter records for this Conference Committee. Fori now recognize myself the purposes of delivering an Opening Statement. Today, we are coming together as a Conference Committee with one Singular Mission in mind, finalizing the tax cuts and jobs act and delivering transformational tax reform for the first time in three decades. We will consider the best ideas from the house and Senate Passed legislation, and will continue moving closer to one final, progrowth tax reform bill. Throughout our daily sevenyear journey on tax reform, weve had to make near weve had to make many choices with these goals in mind. For the first time in history, we created a bill for pro growth. We rejected, simply tweaking a washingtonss of monstrous tax code and calling it a day, but instead, put it all on the table and went bold the American People. Competitiveica again worldwide, we rejected simply aiming for average among a global competitors. Intead, we insisted designing one of the most competitive tax systems in the world for the American People. What weed not only wanted our tax code to stand for, but who it would stand with. Whether that was washingtons special interests, or all of the workers, families, and local job creators who truly bring life to our economy. We chose the American People. Now reflectsorged all of these decisions and embodies the principles we have been committed to since the very beginning. This bill is a bold departure from the broken text code america has today. Reduces tax rates for all americans of all walks of life and delivers the lowest rates of modern history for businesses of all sizes. It provides a modern tax system that is tremendously competitive , one that will leapfrog america to the lead of the pack among global competitors, and unleash the growth of jobs and paychecks here at home. Above all, it makes clear that americas new tax code will be simple, fair, and focused on helping the American People, as president reagan put it, the only special interests that count. All of our work has brought us to this moment, and we had more important work ahead of us to finalize the bill. Let us not waver now. But is not given to the washington status quo. Not when tax reform is so close. Once in a Generation Opportunity to deliver historic tax reform that we come and the American People, can all be proud of. And if we remain committed to the principles that have guided beginning, very going bold and unleashing american competitiveness and making our tax code simple and fair for all americans, i know that we will. Thank you so much, mr. Chairman. Here with to be everybody, and this is one of the truly important aspects of sit inntry that we can an open meeting in front of everybody, and talk about what we are going to do with regard to tax reform. Complimentersonally chairman brady and members of the house for the work they have done on this. They have done a terrific job. Both democrats and republicans, and i am very proud of them. I also want to complement our senators who have. Worked on the finance committee on these issues. We have good people there and hopefully, we can bring this thing to closure and do it in the best interest of our country. Thank you, mr. Chairman. That is enough for me. Representative richie neal. Recognizedlike to be on a point of personal privilege. For what purpose . I will like to move that the Conference Committee postponed his work in activity until the new senator from the state of alabama is sworn in to office so he might cast a vote based on the precedent that was applied with the Affordable Care act. I second the motion. So under the rules, that motion is not available, and we will continue. Might i be allowed to question the ruling of the chair . Mr. Neal, i will recognize you for your Opening Statement. Thank you. Mr. Trump and, in light of last nights election, i do not believe we should be holding this meeting. Is imperative that we respect the will of the people of alabama and delay any further action on this textile until senatorelect doug jones can be seated. This situation is not unprecedented. In 2010, my state of massachusetts elected scott brown. Following the election, we heard words from senator mitch mcconnell, the leader of the republican party, in which he stated emphatically, i think the message is that the American People across the country are asking us to stop this health care bill. What did democrats do . We respected and waited. If it wasly, even hard, democrats did the right thing and allow senator brown to cast a vote on final passage of the aca. I hope we can do the same today. Turning to the tax bill, the package is a bad deal for the American People. Taxes onslation raises millions of middleclass families, increases the national trillion,re than 2. 3 and eliminate deductions that affords people to go to colleges and pay for medical expenses. This bill punishes americans at every stage of life. Reportedw york times this weekend, given the republican shift as to how they will tax income, the tax code for the first time will punish the wage earner of providing massive benefits to Corporation Shareholders and partners. Richard chairman, we can do better. A missed opportunity. Democrats will focus on tax reform that provides relief to all members of the middle class with a tax cut would actually provide them with some relief. Our republican friends also claim their bill help Small Businesses and that is not what im hearing from Business Owners back home in springfield, massachusetts, who have been excluded from this relief. And taking into account for the unique circumstances of puerto rico and the virgin islands, who are still in the process of rebuilding and putting the pieces of their life back together. The last thing we need to do is get hit again. Finally, republicans are going after medicare, medicaid, and Social Security next to justify this tax cut in argue we can no longer afford these programs after yanking 2. 3 trillion in federal expenditure. And i hope before we see the final version of the bill, we will have a full debate on the potential that is the suggested immediate account that the top 39. 6 s being moved from to 37 to accommodate individuals in america who are not complaining about the elimination of the state and local Tax Deduction. I yield back my time. Thank you, mr. Neil. The American People are howessing a master class in one Political Party relying on secrecy, distortion, and brute force, can muscle and unpopular corporate giveaway to passage. This is the ultimate betrayal of the middle class. It does not give middleclass americans the tax cuts they deserve now, and it takes away medicare and Social Security later. News just broke that republicans have reached a final agreement. Lets understand what is happening today is a sham. It is an obvious attempt to lend credibility to a baseless, republican talking point about following regular order. No one should mistake this conference for a real debate, not when republicans and special interest lobbyists have already wrapped up the real talks in secret. They are going to be throwing parties on k street will middle as parents are struggling to determine if their families are going to be among the millions of losers. From the top, republicans have had an undivided focus on delivering the sweetest possible deal to the multinational corporations and the powerful. Breaks, hugeporate new loopholes, tax hike of 13 million middleclass taxpayers in the first year, and millions more after that. And become a new incentives for corporations to ship jobs overseas while tens of millions of americans either go without health care, or see their premiums jump. The details still leak out, but at every turn in the debate, more bad news for the middle class. The final bill will come with an astonishing price tag, and is bound to do a terrible job getting help to those who need it. It is clear now that republicans decided a path on a final opportunity to take a different path to protect the middle class from harm. They reportedly settled on even bigger brakes for those of the top. The capstone on a budget busting gift to corporations for the donor class. First, the deficit hawks were quiet at the prospect of an unpaid for textile piling onto the National Debt, but they are screeching again, seizing on the oeficit of the pretax t medicare, medicaid and other programs. It did not have to be this way. The tax code is broken. Democrats agree. 17 moderate democrats asked for a bipartisan bill. Fullthe chairman know bipartisan tax reform bills did not have to be this way. And it is not too late for bold members on either side to reject this reckless partisan process and work on a bipartisan basis as Ronald Reagan dead, and put the interest of the middle class first. I gild the balance of my time. The statement to be entered into the record. Chairman, i have a motion in writing pertaining to the meeting at the desk, and i would urge its consideration. Under the Conference Committee rules, that motion is not available. We will continue. It is if youre ruling that you will not let the motion be presented . I would respectfully uphold the ruling of the chair. If you would. Have a privileged motion under the senate and house rules, and would urge its consideration at this time. It is consistent with the rules of the house and senate, and of this conference. We will return to regular order. Privilege motions if you dont want to consider them, mr. Chairman. We are operating under conference rules, not putin rules. It has been a long time since weve had a Conference Committee. There are a few rules that we govern the conference can meeting. The Conference Committee. Our members on both sides of the aisle will make statements and as technical questions on taxation. Mr. Chairman, i have a highly privileged motion under the rules of the house and senate that are applicable to this conference, calling for an adjournment under certain conditions. Thank you. Motion is not available. And you will not interrupt again newness let mr. Continue the hearing. But until you follow the rules, mr. Chairman. It is regular order. Thank you. You are recognized. Brady andou chairman other members. Thank you for your leadership and continued dedication to reforming our nations broken tax code. We are on the brink of fundamentally transforming our tax system, and i want to take this opportunity to reiterate what i believe should be included in the final bill. Special interests in washington are constantly adding new provisions to the tax coat making it increasingly complex. As a result, the current tax code distorts Business Decisions and makes it nearly impossible for Small Businesses to compete on a level Playing Field for the final bill reported out of this committee must strive to wipe the tax code clean and replace it with simpler and more current rules. In addition to policies, several key measures unleashing Business Growth should be included in the final package. One of those is full and immediate spiffy for equipment both new and used, which i have advocated for for many years, which will have a strong incentive to create jobs, boost wages, and spark Economic Growth. Another strong investment incentivize support, which was included in the verse and of hr one is extending the lower passthrough rate of 25 to passive business income. This will provide huge incentives for entrepreneurship and overall Business Investment for startups and Small Businesses. The provisions i have mentioned will create Economic Growth, a goal for which my republican and democratic colleagues have pledged to support. At the end of the day, im a simply we mustnt we ask ourselves if we want to stick with todays unfair tax code, or take the courageous step necessary to unshackle our economy to the benefit of all americans . And with that, mr. Chairman, i yield back. With your chairman, i have a question if i might. If there is an agreement to the council on the republican side regarding the Conference Committee, will we have an opportunity to see that . At some point, we will be asking questions, but other than what i am hearing from the lobbyists downtown who are now circulating within the bill, i would like to know if they are accurate or not . Senator, if i may. Under the rules of the Conference Committee, the Committee Report is filed, the public and members will have full opportunity to examine that report, and under the regular process, they will have a vote in the house and the senate. And what are you anticipating that being filed . Timetable wille be driven by completion of the Conference Committee report. Asking it be before questions of staff so we know what we are asking about at this point . It is very difficult. I appreciate we are here, but how do we chair brady i anticipate the Conference Committee will file its report at the end of this week. But today, were asking questions . Could you give us a hand could you give us a hint of what were asking questions about . Passed ady the Senate Tax Reform bill and the house did as well. Will be questioning the reconciling of the differences. Brady forou, chairman convening this important meeting. This is an important days we take another step closer towards enacting historic tax reform that will help boost of americ economy, make the system simpler and fairer, and put more money in peoples pockets. This will also help grow the economy, create more jobs, and will raise wages for hardworking families. The time for reforming our tax code is long overdue, and our economy, businesses, and American Families are paying the price. Since we last transformed our tax code roughly 30 years ago, globalization, the emergence of new technologies, changes in the labor force has transformed the way our economy operates. It is past time for us to act to modernize our tax code so that our nation can remain competitive in a 21stcentury economy. Our current code is an outdated mess that is hurting American Workers and holding our economy back. That is why we need tax reform that will ensure the competitive footing of our businesses, and make our system simpler and fairer, and allow people to keep more of what they earn. The tax cuts and jobs act will do that. It would provide tax relief for hardworking americans and make changes to our tax code businesses small and large, needed to create jobs. Jobs, if youbout care about American Company staying here and being able to compete globally, then you should care about reforming our business tax system. America has the fourth highest Corporate Tax rate in the world. We need to encourage companies to remain in the United States and bring back their overseas money to increase the number of jobs in the United States. Lowering our high business taxes will be the quickest way to solve that problem. Make america a more inviting place to invest and create jobs. This bill will provide relief to small family owned businesses. Small businesses are the nations economic engine and employ the majority of the private sector, particularly in wyoming. These businesses are the backbone